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    Home » Crypto News » Inspired by DOGE: Shiba Inu (SHIB) is up 500% Over The Past Week

    Inspired by DOGE: Shiba Inu (SHIB) is up 500% Over The Past Week

    Author: George Georgiev

    Last Updated May 8, 2021 @ 20:18

    Dogecoin clones like the Shiba Inu (SHIB) token are popping. The latter is up almost 500% in less than a week.

    Reminiscent of the late 2017 ICO craze, a large number of new small-cap cryptocurrencies are gaining market caps in the millions of dollars – for seemingly no reason. Most of them appear to be forks of each other, promising great things but never really delivering and derive their value from hype alone.

    DOGE: The King of Useless Altcoins

    Dogecoin, which was created as a joke, has amassed a market cap of almost $100B, which was considered virtually impossible 2 years ago. DOGE’s meteoric rise has been fueled by Elon Musk, who has continued his habitual tweeting about the meme currency and is set to host an SNL episode tonight.

    DOGE has cleared the air for meme/joke currencies as a genre: it has proven that something with little to no real-world usage can skyrocket to insane valuations simply because people collectively believe in its value. As a result, thousands of useless tokens are deployed every day on networks like Solana and Binance Smart Chain – hopefully looking to become the next Dogecoin.

    Massive Gains on Copycat Coins

    Shiba Inu (SHIB), a token inspired by DOGE, is up around 500% this week – and it has no fundamental underlying product, except for a massively hyped-up community and large purchase volume.

    shib_usd_chart
    SHIB/USD. Source: DexTools

    Its website reads that it’s intended to be a “Dogecoin killer” and that users can hold billions or even trillions of the token – highlighting its massive supply. There’s also a decentralized exchange called Shiba Swap, which is not even launched yet, but this hasn’t stopped people from rushing in and buying the token.

    ADVERTISEMENT

    The gigantic gains being made on these copycat coins (which are trivially easy to create, with a single fork button and deployment transaction) far eclipse even the ‘meme/volatile’ currencies like DOGE, let alone more secure risk-adjusted investments like BTC or ETH. The vast majority of currencies that see similar gains often end up popping – for example, WRAFT INU, a recent DOGE-inspired fork on BSC, is down over 95% from its highs.

    Without an original product, solid underlying fundamentals, or a valid use case, the destiny of most of these coins is to asymptotically trend towards zero. When this will happen remains a mystery since it’s hard to judge the phases of market cycles while within them.

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    You Might Also Like:

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      Dogecoin Market Cap Surpasses Cardano And is Now Top 5: The Community Reacts
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    Tags: Dogecoin
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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